Bondholders to picket at Ministry of Finance over unpaid bonds
The Coalition of Individual Bondholders Groups, comprising the Individual Bondholders Association of Ghana (IBHAG) and the Individual Bondholders’ Forum (IBF), has announced plans to picket the Ministry of Finance to demand payment of their bonds. The Coalition, representing approximately 3,000 individual bondholders, expressed their discontent with the government’s failure to fulfill its obligations outlined in a Memorandum of Understanding (MoU) signed between the parties.
In a joint statement by Dr. Joel Djangma, Convener of IBHAG, and Senyo K. Hosi, Convener of IBF, the Coalition highlighted their intention to picket the ministry starting from July 6th, 2023 until their grievances are resolved. The statement emphasized the government’s failure to pay outstanding principals to bondholders and its failure to convert maturing bonds into treasury bills as agreed upon in the MoU.
The Coalition expressed disappointment at the government’s lack of commitment to honoring the agreement, noting that their fundamental rights to own property, as enshrined in the country’s constitution, have been infringed upon. They called on fellow citizens to support their cause and emphasized their determination to demand what is rightfully theirs.
Previously, the Coalition had expressed concern over the Ministry of Finance’s delay in implementing the MoU, which was intended to address payment plans for coupons and principal on bonds. The group lamented that bond payments had been in default for over 100 days, causing significant hardship for bondholders and their dependents.
The Coalition urged the Ministry of Finance to urgently fulfill its obligations by making full payment of all outstanding principals and coupons. They also appealed for the swift consideration of the Memoranda on Treasury bill conversion, highlighting the adverse impact of delayed payments on healthcare, education, and basic needs.
The bondholders’ decision to picket the Ministry of Finance reflects their frustration with the prolonged delays in resolving their grievances. They expect the government to demonstrate responsibility and sensitivity to the citizens who entrusted their savings to the government.
